Starting An Internet Based Business

[PRO871]

Good Evening.

I am currently looking at starting an internet based business for my future.

My name is Darren and i live in Australia and i am 40 years of age.

I am looking at setting myself up in something to hopefully make me enough money to let me leave the working rat race and settle down in Thailand with the hot weather and relaxed lifestyle.

I have been dealing with a Business that designs and maintains Websites and they are based in Bkk and Pattaya and thought id come on here and get the right information first before going ahead with the Website in 2 months when im there next.

My question is will i have to be Registered as a Business etc in Thailand if i open a Bank Account in Thailand for all "Membership Payments" to go into from my Website im creating?

The Website im looking into doing is a Dating Website similar to Thai Love Links and all the others out there but with my own style put into it.

Also how hard is it to open a Bank Account in Thailand and what forms of Identification will be required?

Will i have to pay Taxes on money earned from the Website in Thailand and if so how is this usually done?

Im not looking to be a Millionare out of all this, i just want to turn over enough money to keep me in a reasonable lifestyle there and enjoy life and at the same time have something to keep my mind occupied looking after the site etc as im not a guy that sits around in a bar all day drinking.

Any help would be greatly appreciated.

Have a great night

Darren

[Sunbelt Asia]

An internet based business would be set up the same way as a brick and mortar business. However, you would need an e-commerce license in order to take online payments.

You would need to set up a Thai ltd company with three shareholders. The business would need to be Thai majority owned (51%) but you could establish preferred shares that allow you maintain control. Another way to have majority ownership is with BOI and then the requirement of Thai employee ratio per foreigner is lower. Boi is most liberal with internet solution companies on applications. The other is by Amity treaty if you are an American.

The Limited Company would require 2 million Baht in capitalization and pay the social security for 4 Thai employees, although often the officer will allow 2 in the first year, in order to obtain a work permit. If your spouse is Thai then 1 million Baht in capitalization is enough to start. Additionally, if you wish to obtain a work permit then the company will need to have registered their premises in an actual office with a designated working area. The limited company would be audited and pay taxes twice a year, and would need a VAT license.

There are quite a few steps to setting up a business in Thailand but this will give you an overview of the basics.

Sunbelt Asia has extensive experience setting up small businesses for expats and are happy to provide the initial consultation for free.

[sunbelt][/sunbelt]